“NFA”— The National Futures Association, a futures association and self-regulatory organization organized under the CEA and CFTC regulations with …
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Consumer Financial Protection Bureau Issues Rule on Higher-Priced Mortgage Loan Escrow Exemption
On January 19, 2021, the Consumer Financial Protection Bureau issued a final rule to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
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Consumer Financial Protection Bureau Issues Final Rule on the Role of Supervisory Guidance
On January 19, 2021, the Consumer Financial Protection Bureau issued a final rule regarding the Bureau’s use of supervisory guidance for its supervised institutions.
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Consumer Financial Protection Bureau Settles with LendUp Loans, LLC for Military Lending Act Violations
On January 19, 2021, the Consumer Financial Protection Bureau filed a proposed settlement to resolve its December 4, 2020 lawsuit against LendUp Loans, LLC alleging violations of the Military Lending Act.
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Consumer Financial Protection Bureau Announces Partnerships with Communities Across the Country to Promote Financial Resiliency
On January 19, 2021, the Consumer Financial Protection Bureau announced that it will partner with seven communities across the country to help build financial resiliency among Americans.
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Consumer Financial Protection Bureau Sues 1st Alliance Lending, LLC and Its Principals for Alleged Unlawful Mortgage Lending Practices
On January 15, 2021, the Consumer Financial Protection Bureau filed a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices.
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Consumer Financial Protection Bureau and National Credit Union Administration Sign Memorandum of Understanding
The Consumer Financial Protection Bureau and the National Credit Union Administration announced a Memorandum of Understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.
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NFA permanently bars Orland Park, Ill. introducing broker LTG Trading LLC and bars its former principal Gary Fullett from membership for five years
January 13, Chicago—NFA has permanently barred LTG Trading LLC (LTG), an former NFA Member and current CFTC registered introducing broker located in Orland Park, Ill., from membership and from acting as a principal of an NFA Member. NFA also barred Gary Fullett, LTG’s former sole principal and associated person, from NFA membership and from acting as a principal of an NFA Member for five years.
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Director Kraninger’s Remarks for the Release of the Taskforce on Federal Consumer Financial Law’s Report and Recommendations
Director Kathy Kraninger’s remarks on the release of the Taskforce on Federal Consumer Financial Law’s report and recommendations on improving consumer protection.
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Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law Releases Its Report
On January 5, 2021, the Consumer Financial Protection Bureau Taskforce on Federal Consumer Financial Law released a report with recommendations on how to improve consumer protection in the financial marketplace.
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Consumer Financial Protection Bureau Settles with Omni Financial of Nevada, Inc. for Violations of the Military Lending Act, Electronic Fund Transfer Act, and Consumer Financial Protection Act
On December 30, 2020, the Consumer Financial Protection Bureau issued a consent order against Omni Financial of Nevada, Inc.
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Consumer Financial Protection Bureau Issues Approval Order to Facilitate the Use of Dual Usage Credit Cards
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to Synchrony regarding their proposal to develop a “dual-feature credit card.”
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Consumer Financial Protection Bureau Issues an Approval Order to Facilitate Employee Access to Earned but Unpaid Wages
On December 30, 2020, the Consumer Financial Protection Bureau issued a compliance assistance sandbox approval order to PayActiv regarding specific aspects of some of its earned wage access products.
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Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Santander Consumer USA Inc. to address the Bureau’s finding that it violated the Fair Credit Reporting Act.
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Consumer Financial Protection Bureau Settles with Student Loan Servicers Discover Bank, The Student Loan Corporation, and Discover Products, Inc. for Violating a Bureau Consent Order and Other Unlawful Practices
On December 22, 2020, the Consumer Financial Protection Bureau issued a consent order against Discover Bank, The Student Loan Corporation, and Discover Products, Inc. based on violations of a prior Bureau order, the Electronic Fund Transfer Act, and the Consumer Financial Protection Act of 2010.
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